A business's record of the increases and decreases in a specific asset,liability,equity,revenue,or expense is known as a(n):
A)Journal.
B)Posting.
C)Trial balance.
D)Account.
E)Chart of accounts.

Question

Quizplus · Accepted Answer

The record of increases and decreases in a specific element of the accounting equation (asset, liability, equity, revenue, or expense) is known as an account. Therefore, the correct answer is D) Account. Journal refers to a chronological record of all transactions made by a business, Posting refers to transferring the information from the journal to the proper accounts in the ledger, Trial balance is a summary of all accounts balances in a company at a given period, and Chart of accounts is a list of all accounts that a business uses to keep track of its financial transactions.

A Business's Record of the Increases and Decreases in a Specific